Johnson & Johnson's (JNJ  ) upcoming consumer health segment, Kenvue, is expected to launch in 2023, making it one of the year's highly anticipated upcoming initial public offerings.

The pharmaceutical and consumer health giant revealed plans to spin-off its consumer health business back in November 2022, with resulting separate company, expected to raise an estimated $5 billion in an IPO of its common stock, according to a recent U.S. Securities and Exchange Commission (SEC) filing.

"Unveiling the Kenvue brand is a defining moment for our stakeholders and an important part of the planned separation," said Thibaut Mongon, designate chief executive of Kenvue, in a September press release announcing the company's spin-off. "We breathe life into some of the world's most iconic and beloved brands every day, so we harnessed that same expertise, love, and energy into developing our new corporate identity."

Kenvue's product portfolio includes well known consumer brands such as Aveeno, Tylenol, Neutrogena, Listerine, Motrin, Johnson's, Zyrtec, Lubriderm, Nicorette and Band-Aid.

The company said its consumer health arm generated revenue of $14.6 billion in 2021, making its the "world's largest pure-play consumer health company by revenue, according to Johnson & Johnson's SEC filing. Kenvue primarily operates in three segments: Self Care, Skin Health and Beauty, and Essential Health, each attributing 38%, 30%, and 32%, respectively, to net sales in 2021.

Kenvue is also expected to generate sales in over 100 countries following its planned separation, with sales "driven by world-class innovation capabilities and demonstrated business momentum." Major industry competitors to Kenvue include Procter & Gamble (PG  ), Unilever (UL  ), Colgate-Palmolive (CL  ) and Kimberly Calk (KMB  ).

The full details of the upcoming IPO, including pricing and timeline, are currently undisclosed. Upon completion, Johnson & Johnson will hold 80.1% of the voting power of common stock shares. All IPO proceeds will go to parent firm Johnson & Johnson.